Three Bin Laden brothers, senior executives in the family firm, were among more than 200 businessmen, royals and officials detained in November 2017 in an anti-corruption drive ordered by the prince. Bakr and two of his brothers, Saleh and Saad, eventually transferred their combined 36.2 percent stake in the family firm to the state in April 2018. Bakr, in his late 60s, is still in custody, although no charges have been made public. [...]
The Bin Ladens' undoing exposes the contradictions in Prince Mohammed's plan to build a modern economy, some economists say. He has embraced privatisation, hoping to inject dynamism, yet the state has intervened in firms such as Saudi Binladin Group. He has tackled corruption, yet there has been little transparency around the process. One Saudibusinessman said the Bin Laden saga had become a "symbol of what's happening between the government and the private sector - a breakdown of trust." [...]
Then, in September 2015, a construction crane owned by Saudi Binladin Group collapsed in Mecca's Grand Mosque, killing 107 people just before the start of Islam's annual haj pilgrimage. The government moved against the company, suspending it from receiving new state contracts and barring its board members and senior executives from traveling abroad. It also ordered the Finance Ministry to review the firm's existing projects, citing unspecified "shortcomings."
A senior Saudi Binladin Group executive and a source close to the family said the crane accident gave the government an opening to act against the firm. The executive said SaudiBinladin Group wasn't responsible for the site at the time - the work fell under the supervision of local authorities in Mecca. The senior government official disputed this, saying it was standard practice that the contractor supervised the site. A legal case over the incident was still pending, he added.
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